Sensex, Nifty Rebound as Global Cues Improve; Coal India Surges Over 5%


Benchmark stock market indices rebounded sharply on Tuesday as investors gained comfort from improving global cues as crude oil prices dipped and concerns eased over US interest rates.

The S&P BSE Sensex jumped 566.97 points to 66,079.36, while the NSE Nifty 50 settled 177.50 points to 19,689.85. Broader markets also staged a strong recovery, tracking the improvement in the benchmarks.

All the major sectoral indices ended in positive territory, with Nifty Realty surging over 4 per cent. Nifty PSU Bank and Nifty Metal also gained significantly by over 2 per cent. Meanwhile, heavyweight indices Nifty Bank and Nifty Financial Services gained over 1 per cent.

The top five gainers on the Nifty 50 were Coal India, Adani Ports, Bharti Airtel, Kotak Mahindra Bank and Hindalco. On the other hand, IndusInd Bank, Cipla, TCS, Dr Reddy’s and Titan were the top losers.

Aditya Gaggar, Director of Progressive Shares, said, “Keeping the geopolitical risks aside, a complete reversal was seen in the global equities, and the same was witnessed in the Indian markets as well.”

“On the daily chart, the Index has formed a bullish candle which indicates a strong comeback of the bulls. A convincing close above the 19,740-19,780 zone will confirm a trend reversal and in that case, the Index is likely to extend its up-move to 20,000. The immediate support stands at 19,575,” he added.

Market investors, though cautious in the wake of the ongoing war between Israel and Hamas, gained confidence after the International Monetary Fund (IMF) increased India’s FY24 GDP growth forecast to 6.3 per cent.

Among individual stocks, Coal India shares gained over 5 per cent to hit a 52-week high as brokerage firm Nuvama Institutional Equities predicted the possibility of the company announcing an all-time high dividend in H2FY24.

Source: India Today